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Russia to produce 555-560 million tonnes of oil annually by 2024 — energy ministry

According to the draft Russian Energy Strategy, gas production may grow from 727.6 billion cubic meters to 820.6-849.9 billion cubic meters by 2024

MOSCOW, December 26. /TASS/. Russia plans to maintain oil production at the level of 555-560 mln tonnes per year by 2024, approximately at the level of 2018 (555.9 mln tonnes), according to the draft Russian Energy Strategy posted on the website of the Energy Ministry.

Oil production can be in the range of 490-555 mln tonnes per year by 2034, depending on the market situation, the draft strategy says.

Gas production may grow from 727.6 bln cubic meters to 820.6-849.9 bln cubic meters by 2024 and to 849.9-924.4 bln cubic meters by 2035. Liquefied natural gas (LNG) production will increase to 70-82 mln tonnes by 2035 compared to 18.9 mln tonnes in 2018.

Domestic coal production will grow in the range from 10.4% to 52.1% to 485-688 mln tonnes. The Russia’s share of the global coal market will surge from 14% in 2018 to 23-25% by 2035, according to the document.